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Pension system in Czech Republic compared with Slovak system
Argayová, Šárka ; Schneider, Ondřej (advisor) ; Hedbávný, Petr (referee)
Czech and Slovak pension systems, after divorce of the federal state in 1993, were based on the same content. Slovak system has come through systematic reform, Czech Republic, on the other hand, for such a complex one still waits. This paper describes in detail both systems and their evolution since separation, with special emphasis on their mandatory parts. First part of the paper gives a theoretical background; contains basic types of pension systems and their characteristics. The next part describes Czech pension system, its development since 1989 and highlights its shortcomings. The fourth chapter comes with possible reforms of this system suggested by experts as well as by Czech political parties. Then I describe in the same way Slovak pension system and its reform. The last chapter is the core part of whole paper, that compares development in both systems, describes their current basis and shows, how demographic and macroeconomic trends influence pension systems. Powered by TCPDF (www.tcpdf.org)
Bailouts in banking industry : Curse or salvation?
Šolc, Jan ; Janda, Karel (advisor) ; Hedbávný, Petr (referee)
One of questions discussed in the light of current financial crisis is the problem bailouts in banking industry. This thesis contributes to this dispute by studying the relationship between the probability to be bailed out and the risk appetite of particular commercial bank. The aim of this paper is to analyze this relationship in both, theoretical and empirical way, which is still missing in current literature. We work with two hypotheses in this paper. The first one is that there is a positive relationship between the above mentioned variables while the second one suggests that large commercial banks tend to have higher risk appetite. Our first hypothesis is studied in both ways, while the second one is analyzed only in a theoretical way. In the theoretical part we derive the relationships between considered variables under the general equilibrium framework. In our model we work with an economy with four different agents (namely households, firms, commercial banks and central bank). These derived relationships are then analyzed empirically. We work with a panel data dataset considering the data about 500 commercial banks from 70 countries over the 2005-2008 period. The results of empirical analysis suggest that there is a negative relationship between the probability to be bailed out and the risk...
Pension Reforms in Latin America: Comparative Analysis of Reforms in Peru and Bolivia
Kučová, Petra ; Hedbávný, Petr (advisor) ; Luňáčková, Petra (referee)
During 1990s, pension reforms took place in 7 Latin American countries. This paper focuses on pension reforms in two countries of the region - namely Peru and Bolivia. Apart from describing reforms, the paper deals with indexation of pensions. Using data from Peru, it examines whether the consumer price index is an appropriate indicator for indexing pension benefits. Section I adumbrates economic and demographic situation in Latin America and history of local pension systems. Next section is devoted to the pension system in Peru, its reform and subsequent adjustments. The third section describes the reform and its modification in Bolivia. Section IV summarizes and compares examined reforms. Final section analyses costs of living of particular income groups in Peru. Results show that 55-60 % of pensioners faced lower inflation than was the overall inflation in the country during the period 1995-2003. Therefore, indexing pensions with consumer price index is advantageous for more than half of pensioners.
Comparing pension systems of the Czech and Slovak Republics, ways to reform the pension system of the Czech Republic
Pechová, Lenka ; Schneider, Ondřej (advisor) ; Hedbávný, Petr (referee)
The goal of this paper is to resume the development of the Czech and Slovak pension systems and to compare microeconomic and macroeconomic levels of chosen proposals created by Czech political parties with reform which already has been implemented in the Slovak Republic. Powered by TCPDF (www.tcpdf.org)
Effective tax rate measures : (survey of methods, computations and comparison to statutory tax rates in the Czech Republic)
Kábrtová, Jana ; Zápal, Jan (advisor) ; Hedbávný, Petr (referee)
Structure of tax systems of particular countries across the world features with great complexity and largely differ from one country to another. Statutory tax rates are not a good measure of the tax burden imposed by the tax nor are they a good tool for comparing of different tax systems or analysing the effects of changes in tax laws. To gather all these information we need to construct synthetic indicators as effective tax rates that are the main subject of this thesis. The effective tax rates can be calculated using several different methods. The first part of this thesis describes and summarizes these methods of computation of effective tax rates and points its strengths and weaknesses. The second part of the thesis then bases on my own effective tax rate's computations and compares effective tax rates in the Czech Republic with effective tax rates in Europe. The aim of this part is to find out whether the final tax burden in the Czech Republic is higher or lower than in EU-15 countries. Moreover I compare the effective tax rates with the statutory ones and describe the features of Czech tax system. The last part of the thesis is talking about the proposed tax reform with focus on the impact of this reform to effective tax rates.
Reform of the systems of retirement pension in the founder states of European Union
Platil, Lukáš ; Hedbávný, Petr (advisor) ; Vančura, Matěj (referee)
The thesis deals with the pension systems in Germany, France and Italy. Its main subject is a description of the reforms of these systems during past twenty years - the description of the reasons to reform, of the reforms themselves and of the outlook for the future. In addition, the thesis deals with the indexation procedures in these countries and examines the relevance of using the consumer price index for these purposes. The thesis consists of three main sections. The first section briefly describes current pension systems in given countries. The second part describes the reasons leading to the necessity of reforms - increasing financial demands of these systems due to i.a. the demographic trends and the labor market developments. It also lists main components of the reforms during past twenty years, whose main objective was the financial consolidation and the move towards multi-pillar systems. The evaluation of the persistent problems and of the necessity to continue with reforms is also included. The third section describes the options for the pension indexation and the indexation procedures in given countries. It also discusses the relevance of the consumer price index for the measurement of the increase in the pensioners' cost of living - whether this index is a good measure for the...
The Retirement Age - the development and determinats influence over its changes
Nešporová, Stanislava ; Potůček, Martin (advisor) ; Hedbávný, Petr (referee)
The diploma thesis generally focuses on pension systems, specifically on the institution of retirement age. This institution is very important for the old-age pension system and its stability. Retirement age is an important determinant of every pension system. Demographic and economic state of society depends, among other things, on age at which citizens can retire, it's associated with standard of living of state residents. It also affects job opportunities. Since its inception the retirement age in the Czech Republic has gone through many modifications. Based on the theory of actor-centered institutionalism, the diploma thesis addresses the determinants that influenced the development of retirement age institute, including its institutional framework and actors involved in its changes. It also deals with its developmental stages. Comparison with the development in Slovakia (in some parts of diploma thesis only) will be enriched the conceptual, empirical as well as methodological realm of the thesis. Czech and Slovak Republics have shared history but the pension systems of both countries have considerably diverged. In conclusion the diploma thesis specifies the wider context of the retirement age as a part of the overall pension system. Powered by TCPDF (www.tcpdf.org)
Simulation of pension reform impact on Czech real estate market
Součková, Soňa ; Jandík, Tomáš (advisor) ; Hedbávný, Petr (referee)
Diplomová práce - Soňa Součková: Simulation of pension reform impact on real estate market Abstract The objective of this thesis is to estimate the impact of pension reform on commercial property market in the Czech Republic during the period of 2013 -2017. Our hypothesis is that a potential pension reform would have a positive significant impact on property investment volumes via institutions constituting the second pillar. In the first step, we provide analysis of pension reforms recently applied in Slovakia, Hungary, Poland, Lithuania, Latvia and Estonia. Given analysis of selected countries and specifics of the proposed Czech pension reform, we estimate that the institutions in the second pillar may face additional yearly cash inflows beginning on EUR 1.23 billion in 2013 and further increasing to EUR 2.59 billion in 2017. Furthermore, we estimate that a likely share allocation by second pillar institutions into real estate would lie in the region of 0 - 14% depending on the discrete decision of the regulators. Using a conservative leverage of 40% for bank financing, we estimate that the expected investment volumes allocated by second pillar institutions into real estate would be EUR 61 - 287 million in year 2013. Given the average investment volumes of EUR 1334 million p.a. allocated into commercial...

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